Sportsman's Warehouse Holdings announced results for the fourth quarter and full year ended January 30, 2016.
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Q4 net sales increased by 14.6% to $212.7 million from $185.6 million in the fourth quarter of fiscal year 2014. Same store sales increased by 4%.
Income from operations increased to $22.1 million from $14.1 million in the fourth quarter of fiscal year 2014. Adjusted income from operations, which excludes an accrual with respect to a litigation matter in the fourth quarter of fiscal year 2014, increased 21.8% to $22.1 million as compared to $18.1 million in the fourth quarter of fiscal year 2014.
Interest expense decreased to $3.6 million from $9.0 million in the fourth quarter of fiscal year 2014.
Excluding the $5.7 million in refinance related costs incurred during the fourth quarter of fiscal year 2014, interest expense increased to $3.6 million from $3.3 in the prior year period.
Net income was $11.4 million compared to $3.2 million in the fourth quarter of fiscal year 2014. Adjusted net income, which excludes an accrual with respect to a litigation matter and expenses related to refinancing our term loan in the fourth quarter of 2014, net of taxes, was $11.4 million compared to $9.1 million for the fourth quarter of fiscal year 2014.
Diluted earnings per share was $0.27 compared to diluted earnings per share of $0.08 in the fourth quarter of fiscal year 2014. Adjusted diluted earnings per share, was $0.27 compared to adjusted diluted earnings per share of $0.22 in the fourth quarter of fiscal year 2014.
Adjusted EBITDA was $26.2 million compared to $21.6 million in the fourth quarter of fiscal year 2014.
For the fifty-two weeks ended January 30, 2016:
Net sales increased by 10.6% to $729.9 million from $660.0 million in fiscal year 2014. Same store sales increased by 1.1% when compared to fiscal year 2014.
Income from operations increased to $59.3 million from $44.9 million in fiscal year 2014.
The company opened nine new stores in fiscal year 2015, ending the fiscal year with 64 stores in 19 states or retail square footage of 2.8 million. This represents a unit increase of 16.4% from the end of fiscal 2014 and an increase in retail square footage of approximately 250,000 square feet.
Interest expense decreased to $14.2 million from $22.5 million in fiscal year 2014. Excluding the $5.7 million in refinance related costs incurred during the fourth quarter of fiscal year 2014, interest expense decreased to $14.2 million from $16.8 million in fiscal year 2014.
Net income was $27.8 million compared to $13.8 million in fiscal year 2014.
Diluted earnings per share was $0.66 compared to diluted earnings per share of $0.34 in fiscal 2014. Adjusted diluted earnings per share was $0.61 compared to adjusted diluted earnings per share of $0.50 in fiscal year 2014.
Adjusted EBITDA was $73.0 million compared to $66.3 million in fiscal year 2014. ■